Annual report pursuant to Section 13 and 15(d)

BUSINESS COMBINATION (Tables)

v3.23.1
BUSINESS COMBINATION (Tables)
12 Months Ended
Dec. 31, 2022
Business Combinations [Abstract]  
Schedule of Business Acquisitions, by Acquisition
There were no acquisitions completed during the year ended December 31, 2022. A summary of business combinations completed during the year ended December 31, 2021 is as follows:
Year Ended December 31, 2021
UMBRLA, Inc. People's California SilverStreak Solutions Total
Cash Consideration $ —  $ 24,000  $ 1,500  $ 25,500 
Note Payable —  33,749  4,500  38,249 
Liability for Holdback Shares 6,465  —  —  6,465 
Equity Consideration - Common Stock 52,929  16,000  2,500  71,429 
Equity Consideration - Options & Warrants 20,428  —  —  20,428 
Less: Cash Transferred (1,290) (994) (25) (2,309)
Total Consideration $ 78,532  $ 72,755  $ 8,475  $ 159,762 
Assets Acquired:
Accounts Receivable $ 3,772  $ —  $ —  $ 3,772 
Inventory 6,532  662  214  7,408 
Prepaid Expenses & Other Assets 1,543  74  1,623 
Notes Receivable 750  —  —  750 
Property, Equipment and Leasehold Improvements 1,450  554  257  2,261 
Right-of-Use Asset 460  2,105  —  2,565 
Intangible Assets 71,890  54,010  161  126,061 
Other Long-Term Assets —  — 
Total Assets Acquired 86,400  57,405  638  144,443 
Liabilities Assumed:
Accounts Payable & Accrued Liabilities 15,849  2,586  1,517  19,952 
Lease Liabilities 460  2,105  —  2,565 
Notes Payable 5,470  —  —  5,470 
Deferred Tax Liabilities 499  954  14  1,467 
Uncertain Tax Position / Taxes Payable 1,806  —  1,553  3,359 
Total Liabilities Assumed 24,084  5,645  3,084  32,813 
Estimated Fair Value of Net Assets Acquired 62,316  51,760  (2,446) 111,630 
Estimated Goodwill $ 16,216  $ 20,995  $ 10,921  $ 48,132 
Pro Forma Net Income (Loss) (1)
$ (36,454)
Pro Forma Revenues (1)
$ 95,867 
(1) Supplemental information on an unaudited pro-forma basis is reflected as if the acquisitions had occurred on January 1, 2021, after giving effect to certain pro-forma adjustments primarily related to the amortization of acquired intangible assets. The unaudited pro-forma supplemental information is based on estimates and assumptions that the Company believes are reasonable. The supplemental unaudited pro-forma financial information is presented for comparative purposes only and is not necessarily indicative of what the Company’s financial position or results of operations actually would have been had the Company completed the acquisitions at the dates indicated, nor is it intended to project the future financial position or operating results of the Company as a result of the Purchase Agreement.